Net Asset Value
| | December 31, 2011
forecast prices
5% discount rate
($MM) | | December 31, 2011
forecast prices
10% discount rate
($MM) | |
| Net present value of future revenues of reserves, discounted, before tax 1 | 788.469 | | 642.436 | |
| Undeveloped land (²) | 47.236 | | 47.236 | |
| Bank debt | (138.248 | ) | (138.248 | ) |
| Working capital deficiency | (31.646 | ) | (31.646 | ) |
| Net asset value | 665.811 | | 519.778 | |
| Basic common shares outstanding (000's) | 92.407 | | 92.407 | |
| Net asset value per share ($/share) | 7.21 | | 5.62 | |
1 Derived from the Sproule Report.
(²) Internally valued by Guide (Undeveloped land at an average of $95/Acre or $235/Ha)
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